Silver Price Analysis: Pullback from fresh 6.75-year high teases short-term rising wedge

Silver prices recede after crossing the October 2013 peak with a high of $23.26.
Confirmation of a bearish chart pattern will recall the sub-$22.00 area.
Bulls will have to cross September 2013 top to extend the north-run.

Silver prices mark depression around $22.88 during the initial Asian trading on Thursday. The white metal surged to the highest since September 2013 before an hour but upside momentum fizzled afterward. Hence, a short-term rising wedge formation appears on the 30-minute chart, which in turn keeps the sellers hopeful near the multi-year high.

Though the bears will have to wait for a clear downside break past-$22.70 to confirm the commodity’s further weakness. Following that, the late-Wednesday low near $21.38 will be in the spotlight.

In a case where the quote remains weak below $21.38, $21.00 and 200-bar SMA level of $20.42 can act as buffers before highlighting the $20.00 threshold as the key support.

Alternatively, $23.00 could question the metal’s immediate upside ahead of the recent high and bearish pattern’s resistance line near $23.25.

It should, however, be noted that the quote’s rise past-$23.25 will have to pass through September 2013 peak surrounding $23.42 to attack $24.00.

Silver 30-minute chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	22.89
Today Daily Change	1.59
Today Daily Change %	7.46%
Today daily open	21.3

Trends
Daily SMA20	18.66
Daily SMA50	17.9
Daily SMA100	16.45
Daily SMA200	17

Levels
Previous Daily High	21.33
Previous Daily Low	19.86
Previous Weekly High	19.48
Previous Weekly Low	18.7
Previous Monthly High	18.39
Previous Monthly Low	16.95
Daily Fibonacci 38.2%	20.77
Daily Fibonacci 61.8%	20.42
Daily Pivot Point S1	20.33
Daily Pivot Point S2	19.36
Daily Pivot Point S3	18.86
Daily Pivot Point R1	21.8
Daily Pivot Point R2	22.3
Daily Pivot Point R3	23.27

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